Copper Prices Weakened as Downstream Maintained a Wait-and-See Stance, Spot Premiums Under Pressure [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, some downstream enterprises prefer to purchase directly from smelters to ensure invoice issuance for the current month, diverting some demand from the spot trading market. Demand side, with the Labour Day holiday approaching, some downstream enterprises have pre-holiday stockpiling needs, but according to SMM, actual demand growth is limited. At current copper prices and premium levels, some downstream enterprises show low acceptance and are reluctant to chase higher prices. Supplier side, with month-end settlement approaching, some suppliers are less enthusiastic about shipments, and available low-priced cargo is limited, providing support for spot premiums. Overall, amid the interplay between tight invoices and high prices suppressing demand, Shanghai spot copper prices against the SHFE copper 2605 contract are expected to maintain a premium tomorrow.

In March 2026, China's cumulative household air conditioner production reached 24.034 million units, down 3.3% YoY; sales totaled 23.934 million units, down 1.7% YoY; exports were 10.436 million units, down 9.8% YoY; and domestic sales were 13.498 million units, up 5.6% YoY. As the key closing period of Q1, March saw sluggish end-use market demand drag down production performance. However, the resilience of domestic sales effectively offset the pressure from declining exports, serving as a pillar supporting the industry's stable operation.